VolumeIX, Issue02, July -December, 2014

Profitability and Consistency of Ceramics

Industry- A Financial and Statistical Analysis
on Selected Companies of Bangladesh.
ABDUL LATIF*
REZAUL KABIR**

ABSTRACT
This paper examines the profitability and consistency of the second leading
export oriented industry of Bangladesh. The secondary data of the five leading
companies namely, Fu-Wang, Monno, Shinepukur, Standard and RAK
Ceramics are collected from the annual reports of 2006-2012 from their
websites. The collected data are processed and analyzed by SPSS 19 to make
interpretations by ANOVA outputs. Different financial tools like Gross profit
margin, Operating profit margin, Net profit margin, Return on assets, Return
on equity are calculated along with the liquidity ratios and turnover ratios to
find out the causes of unexpected results, if any. The researchers find that two
of the five companies (Standard and Monno) are performing very poorly, one
(Fu-Wang) is performing moderate level and other two (RAK and Shinepukur)
are performing comparatively better. The asset and sales management of the
poor performers are to be improved immediately, the liquidity position of all
the companies is to be improved and the capital structure of Shinepukur is to
be reconstructed.
Key Words: Profitability, Ceramic Industry, ANOVA, Financial Ratios, Liquidity.
1.

INTRODUCTION

Originated from pottery industry, ceramic industry of Bangladesh started

its operation in 1958 by the name of Tajma Ceramics of Bogra. Another
industrial unit started its operation in 1966 by the name of Pakistan Ceramics
that was renamed after the independence of Bangladesh as Peoples Ceramic
Industry. Various tableware producers started their operation in 1980s named
as Monnu Ceramics, Shimnepukur, Fu-Wang etc. But the accelerated growth
of ceramic industry was started in 2000, when tiles and toilet items were
produced in an increasing rate with the increasing constructions of real
estates/residential buildings. In the same period exporting of ceramic items
got a pace of 695% growth from only 1.0 million in 1991, amounted $100
million in 2012. The total growth is more than 200% in the last five years in
that industry (The Financial Express, August 28, 2012). Now this industry is
using world class technology namely Bones China. The sophisticated
*

**

Associate Professor, Department of Business Administration, Sylhet

International University, Bangladesh. E-mail: novalatif@gmail.com
Assistant Professor, Department of Business Administration, Sylhet International
University, Bangladesh. E-mail: rezaul_ru@yahoo.com

Journal of Business and Technology (Dhaka)

products are now exported to around 50 countries of the world. 75% of export
of ceramics items are going to European countries, 15% are to USA and rest
10% to other countries. (The New Age, November 18, 2012). This is a huge
industry now. Around 40 ceramic industries had invested TK. 40 billion to
produce various items like bone china, porcelain, tiles, tableware and sanitary
ware (The Independent June 2, 2013). Not only exports this industry is
fulfilling a great domestic need of products amounting to Tk. 8 billion yearly
and saving huge foreign currency and paying a tax of Tk. 3.0 billion per year
(Financial Express, August 08, 2012). But this industry depends on import of
95% of its raw materials (Asiatic Society, 2011). It depends on the available
cheap natural gas of the country and low-waged manpower of the country.
So the growing ceramic industry that is taking the place of second export
item of Bangladesh after readymade garments. We intend to examine the
profitability and liquidity of the ceramic industry of Bangladesh for
predicting its sustained growth in the future competitive world.
It is important to check the financial health of the industry on the basis of
different financial ratios and to make a comparison among them. The
comparisons can be made on trend analysis, on the basis of standards, with
other units of the industry and with industry average (Pandey 1994). Different
types of liquidity, leverage, profitability and activity ratios can be used to
asses any industrial units profitability and consistency. To measure the ability
to meet short-terms objectives, different liquidity ratios; current and quick
ratio can be used (Horne and Wachowicz 2009). To measure the extents of
firms debt burden different leverage ratios can be used (Schall and Haley
1996). To measure how effectively firms assets are being managed different
activity ratios; assets turnover, inventory turnover, capital turnover etc. are
used (Ross, Westerfield and Jaffe 2005) and to measure the extent of profit
earning ability different profitability ratios; net profit ratio, gross profit ratio,
operating expenses ratios etc. are used [Van Horne 2009].
2.

OBJECTIVES OF THE STUDY

The main objective of this study is to find out the ceramic companies
profitability and consistency that are used for measuring the financial
performance. The sub-objectives are as follows:
a) To measure the performance of companies on the basis of their
profitability.
b) To measure the performance on the basis of their consistency.
c) To give ranking to the selected sample companies according to
their profitability and consistency.
3.

METHODOLOGY

The researchers attempted to study the liquidity and profitability position

of five renowned ceramic industrial units, namely the Fu-Wang, Monno,

Latif & Kabir: Profitability and Consistency of Ceramics Industry

Shinepukur and Standard Ceramics, RAK ceramics of 2006-07 to 2011-12

financial years. The researchers used the secondary data and analyzed by
using statistical tools such as mean, Standard Deviation, Standard Error and
ANOVA to compare and draw meaningful conclusion. The different financial
ratios, gross profit margin, Operating Profit Margin, Net profit margin,
Return on Assets and Return on Equity are used to measure the profitability.
To find the reason of unexpected profitability the liquidity position and the
turnovers are measured to pinpointing the problems. The following
hypothesis are constructed to compare the means of different ratios of the
selected companies:
Hypothesis #1
Ho: There is no significant difference between gross profit margin ratio
of companies.
Ha: There is a significant difference between gross profit margin ratio
of companies.
Hypothesis #2
Ho: There is no significant difference between operating profit margin
ratio of companies.
Ha: There is a significant difference between operating profit margin
ratio of companies.
Hypothesis #3
Ho: There is no significant difference between net profit margin ratio of
companies.
Ha: There is a significant difference between net profit margin ratio of
companies.
Hypothesis #4
Ho: There is no significant difference between ROA ratio of
companies.
Ha: There is a significant difference between ROA ratio of companies.
Hypothesis #5
Ho: There is no significant difference between ROE ratio of companies.
Ha: There is a significant difference between ROE ratio of companies.
4.

ANALYSIS AND INTERPRETATION

The average gross profit of selected industries shows (in Table 1) a range
of 17.1-% to 33.58% where it is considered as standard for any industry of
the range of 20% to 30% and the industry average is 26.00%. In this standard,
the standard ceramics is operating below the standard of any industry and
Monno, Standard & Fu-Wang is earning below the standard of ceramic
industry. Shinepukur is doing better in 33.57% of gross profit and Fu Wang
is at around the Industry level. The Standard deviation of the selected
industry reflects the negligible variation of gross profit of Monno and
Shinepukur and variation in Standard ceramics, Fu Wang & RAK must be
addresses as the gross profits ratios of Standard Ceramics is not satisfactory
also.

Journal of Business and Technology (Dhaka)

The average gross profit of five selected industries over the years are
statistically highly significant at 5% significance level as obtained from an
analysis of variance, P{F(4,25)>=38.151}<0.001.
TABLE 1
GROSS PROFIT MARGIN (%) & ANOVA
ANOVA
Companies
Fu Wang
Monno
Shinepukur

Standard
RAK
All

Std.
Std.
N Mean Deviation Error
6 25.00
3.01 1.23 Between
Group
6 20.49
1.19
.49 Within
Group
6 33.58
.83
.38 Total
6
6
3
0

17.10
33.84
26.00

3.26
4.83
7.43

Sum of
Mean
Squares df Square
1377.17 4 344.29
8
4
225.612 2
9.024
5
1602.79 2
9

F
Sig.
38.16 .00
1 0

1.33
1.97
1.36

Sources: Different Annual Reports by Ceramic companies for 2006 -2012.

In the yardstick of the industry average of operating ratio of 12.83% (In

table 2), the Fu-Wang & Standard ceramics are operating in below the
standard except the Shinepukur Ceramics (27.86%), RAK (18.92%). The
Monno is operating at the industry average level.. The Standard Deviation is
found as very negligible in Shinepukur .9983 and in Monno 1.02 to high
level of 9.02 in Fu-Wang. The variation is highest in case of Fu-Wang in
Standard Deviation. The variation in operating profit is also alarming in case
of Standard Ceramics but negligible in Monno and Shinepukur Ceramics.
The negative return of Standard and Fu Wang in one or more year is the
reason of such variation. The average operating profit margin of five selected
industries over the years are statistically highly significant at 5% significance
level as obtained from an analysis of variance, P{F(4,25)>=33.128}<0.001.
TABLE 2
OPERATING PROFIT MARGIN (%) AND ANOVA
ANOVA
Companies
Fu Wang
Monno
Shinepukur
Standard
RAK
All

Std.
Std.
N Mean Deviation Error
6
3.54
9.03 3.69 Between
Groups
6 12.52
1.02
.42 Within
Groups
6 27.86
1.00
.41 Total
6
1.33
4.62 1.89
6 18.92
2.03
.83
30 12.83
10.88 1.99

Sum of
Squares df
2890.58 4
545.336 25

Mean
Square
F
Sig.
722.645 33.128 .00
21.813

3435.916 29

Sources: Different Annual Reports by Ceramic companies for 2006-2012

In the yardstick of industry average in 5.71% (in table 3), the surveyed
five companies showed a range of average net profit range of .35% to
11.82%. Though the Shinpukur Limited and RAK Ceramics are performing

Latif & Kabir: Profitability and Consistency of Ceramics Industry

much better with a net profit margin of 10.67 % and 11.82% respectively, FuWang is operating at around industry average level. The other two companies
are performing below the standard level and their performance should be
addressed. The variation in net profit of FU Wang and Shinepuker is showing
a great variation in Standard Deviation, though their net profit margin is
satisfactory, but variation should be addressed. The case of Standard
Ceramics is also to be addressed because of its negative net profit and
variation in the NP stream over the years. The negative NP in one or more
year may be cause of such poor performance.
The average net profit margin of five selected industries over the years
are statistically highly significant at 5% significance level as obtained from
an analysis of variance, P{F(4,25)>=8.638}<0.001
TABLE 3
NET PROFIT MARGIN (%) & ANOVA
ANOVA
Companies

Std.
Std.
Sum of
Mean
N Mean Deviation Error
Squares df Square
F
Sig.
Fu Wang
6 4.63
6.24 2.55 Between 679.417 4 169.854 8.638 .000
Groups
Monno
6 1.08
1.51
.62 Within
491.585 25 19.663
Groups
Shinepukur 6 10.67
5.50 2.23 Total
1171.002 29
Standard
6
.35
3.86 1.57
RAK
6 11.83
3.54 1.44
All
30 5.71
6.35 1.16

Sources: Different Annual Reports by Ceramic companies for 2006-2012

The return on assets of the selected companies is ranging between

.5833% to 6.78% (in table 4) where the standards of its is 10%-12%. So the
performance of the companies are to be said very poor. Though RAK,
Shinpukur and Fu Wang are performing a little bit better, but all are far below
the standard. The variation in Standard Deviation is consistent except RAK,
standard ceramics and Fu-Wang whose SD are higher.
The average return on assets of five selected industries over the years are
statistically highly significant at 5% significance level as obtained from an
analysis of variance, P{F(4,25)>=10.787}<0.001.

Journal of Business and Technology (Dhaka)

TABLE 4
RETURN ON ASSET (ROA) (%) & ANOVA
ANOVA

Companies

Std.
Std.
N Mean Deviation Error
Fu Wang
6 1.96
2.49 1.00 Between
Groups
Monno
6
.88
1.12
.46 Within
Groups
Shinepukur 6 3.56
1.11
.45 Total
Standard
6
.58
2.27
.93
RAK
6 6.78
2.07
.84
All
30 2.75
2.90
.53

Sum of
Mean
Squares df Square
F
Sig.
154.543 4 38.636 10.787 .000
89.543 25

3.582

244.086 29

Sources: Different Annual Reports by Ceramic companies for 2006-2012

In the yardstick of industry average of ROE of 5.64% (in table 5), RAK
and Shinepukur are performing better than other three companies. Other three
companies are performing below the standards where the position of Standard
Ceramics is the worst (only 1.40). The variations in the stream of ROE of all
companies other than RAK are in alarming position showing uneven flow of
return. So, the performances of all the companies are to be addressed. But the
opportunity cost of investing in Ceramic Industry is not showing a good sign
as the interest rate on fixed account of Commercial bank and other financial
institutions are providing an interest rate of around 11-12%.
The average return on equity of five selected industries over the years are
statistically highly significant in 5% significance level as obtained from an
analysis of variance, P{F(4,25)>=6.261}=0.001.
TABLE 5
RETURN ON EQUITY (ROE) (%) & ANOVA
ANOVA
Companies
Fu Wang
Monno

N
6
6

Shinepukur 6
Standard
6
RAK
6
All
30

Std.
Std.
Mean Deviation Error
3.7672
4.31114 1.76002 Between
Groups
2.6056
4.16539 1.70051 Within
Groups
9.2418
4.69458 1.91656 Total
1.4001
5.08695 2.07674
11.1947
2.32556 .94941
5.6419
5.55045 1.01337

Sum of
Mean
Squares df Square
F
Sig.
447.115 4 111.779 6.261 .001
446.304 25

17.852

893.419 29

Sources: Different Annual Reports by Ceramic companies for 2006-2012

The standard of current ratio of any industry is 2:1 and the industry
average is found as 1.0791:1 (in Table 6). This industry average is not the
sign of better liquidity position as the value of the inventory may be fallen by
50% that make the companies unable to pay their dues and their survival may
be in question. The Companies except the Fu-Wang, RAK are operating at a

Latif & Kabir: Profitability and Consistency of Ceramics Industry

dangerous level of below 1;1 level. The variation showed by standard

deviation is in negligible position. That is there are comparatively stable
position, that showed by Standard Deviation in current ratio of the companies
but it should be at the secured position to establish stability.
The average current asset of five selected industries over the years are
statistically insignificant at 5% significance level as obtained from an
analysis of variance, P{F(4,25)>=.849}>0.001.
TABLE 6
CURRENT RATIOS & ANOVA
ANOVA
Companies

Std.
Std.
Sum of
Mean
N Mean Deviation Error
Squares df Square F Sig.
Fu Wang
6 1.2141
.81504 .33274 Between
.729 4
.182 .849 .508
Groups
Monno
6 .9709
.06661 .02719 Within
5.364 25
.215
Groups
Shinepukur 6 .9935
.10345 .04223 Total
6.093 29
Standard
6 .9054
.03546 .01448
RAK
6 1.3115
.62619 .25564
All
30 1.0791
.45836 .08368

Sources: Different Annual Reports by Ceramic companies for 2006-2012

The standards of quick ratio of any industry is identified as 1;1 by

convention and the industry average is 0.3467:1 (Table 7). The poor industry
average is showing that this industry is operating in very dangerous level of
risk of failure in paying their dues at any time. The quick ratios of those
companies are ranging from .0880 to .6764. The variation in respect of
Standard Deviation is showing an even position in all the years. But the
liquidity position is to be improved drastically to ensure the survival,
otherwise any time they may be fallen in a closure position.
The average current asset of five selected industries over the years are
statistically insignificant at 5% significance level as obtained from an
analysis of variance, P{F(4,25)>=2.307}>0.001.

Journal of Business and Technology (Dhaka)

TABLE 7
QUICK RATIOS & ANOVA
ANOVA

Companies

Std.
Std.
Sum of
Mean
N Mean Deviation Error
Squares df Square
F
Sig.
Fu Wang
6 .3956
.50590 .20653 Between
1.118 4
.280 2.307 .086
Groups
Monno
6 .2632
.21458 .08760 Within
3.029 25
.121
Groups
Shinepukur 6 .3100
.09231 .03769 Total
4.147 29
Standard
6 .0880
.13991 .05712
RAK
6 .6764
.52503 .21434
All
30 .3467
.37814 .06904

Sources: Different Annual Reports by Ceramic companies for 2006-2012

The inventory turnover of the ceramic industry is showing very poor

performance ranging from only 1.44 to 2.45 (Table 8) only with a minimum
variation measured by SD. It indicates that the selected companies of that
industry are performing very poorly in respect of inventory. The problems are
to be addressed and minimized for bringing effectively in those companies.
The average inventory turnover of five selected industries over the years
are statistically insignificant at 5% significance level as obtained from an
analysis of variance, P{F(4,25)>=2.014}>0.001.
TABLE 8
INVENTORY TURNOVER RATIOS & ANOVA
ANOVA
Companies

Std.
Std.
Sum of
Mean
N Mean Deviation Error
Squares df Square
F
Sig.
Fu Wang
6 1.9345
.99102 .40458 Between
3.391 4
.848 2.014 .123
Groups
Monno
6 2.0221
.64344 .26268 Within
10.524 25
.421
Groups
Shinepukur 6 1.4437
.36524 .14911 Total
13.915 29
Standard
6 1.7294
.56810 .23192
RAK
6 2.4598
.50249 .20514
All
30 1.9179
.69270 .12647

Sources: Different Annual Reports by Ceramic companies for 2006-2012

Where standard of assets turnover is 2.00 and the industry average is 0.54
(Table 9) times (apparently more below than the standard) . The selected
industries are doing poorly ranging .4340 to .8680 only. Though the standard
deviation is showing the stream as more stable in those years, the asset
turnover must be considered effectively to bring efficiency in the firm.
The average total assets turnover of five selected industries over the years
are statistically significant at 5% significance level as obtained from an
analysis of variance, P{F(4,25)>=6.669}=0.001.

Latif & Kabir: Profitability and Consistency of Ceramics Industry

TABLE 9
TOTAL ASSET TURNOVER & ANOVA
ANOVA
Companies

Std.
Std.
Sum of
Mean
N Mean Deviation Error
Squares df Square
F
Sig.
Fu Wang
6 .4562
.09391 .03834 Between
.646 4
.161 6.669 .001
Groups
Monno
6 .7660
.26134 .10669 Within
.605 25
.024
Groups
Shinepukur 6 .3460
.07043 .02875 Total
1.251 29
Standard
6 .6510
.18172 .07419
RAK
6 .5766
.07682 .03136
All
30 .5591
.20766 .03791

Sources: Different Annual Reports by Ceramic companies for 2006-2012

The debt- equity ratio is to examine the debt portion in the capital to
know whether charges of debts are deteriorating the profit earning of the firm
in an adverse situation. Use of leverage in an adverse situation, can destroy
the profitability. The Monno Ceramics and Shainepukur are using the
leverage in more higher proportion than others (Table 10). Though RAK &
Standard ceramics are using the debt in better proportion. FU-Wang is using
in moderate proportion. The variance in using the debt is showing a better
flow over the years in SD measure.
The average debt-equity ratio of five selected industries over the years
are statistically insignificant at 5% significance level as obtained from an
analysis of variance, P{F(4,25)>=1.042}>0.001.
TABLE10
DEBT-EQUITY RATIO AND ANOVA
ANOVA
Companies
Fu Wang
Monno

N
6
6

Shinepukur 6
Standard
6
RAK
6
All
30

Std.
Std.
Sum of
Mean
Mean Deviation Error
Squares df Square
F
Sig.
.6307
.58958 .24070 Between
2.227 4
.557 1.042 .406
Groups
.9380
.69307 .28295 Within
13.364 25
.535
Groups
1.1092 1.30295 .53193 Total
15.591 29
.4660
.23886 .09751
.4033
.30024 .12257
.7094
.73323 .13387

Sources: Different Annual Reports by Ceramic companies for 2006-2012

The summary table (Table 11) indicates that the Fu-Wang is attaining a
gross profit of industry level, but the operating profit, the net profit, return on
assets and on equity is showing very poor performance over the years.
Examining the causes of that worst situation, it is found that the current ratio
and quick ratio is also maintained in lower than the standard though the
inventory turnover is very low. This indicates that firms efficiency in selling

10

Journal of Business and Technology (Dhaka)

is very poor. The products and sales management must be improved and at
the same time the solvency of the firm must be addressed by increasing the
current assets. Debt equity ratio is maintained at the moderate level but the
total asset turnover is very low. The management should think to make the
fixed asset management more efficient by ensuring the optimum use.
TABLE 11
SUMMARY TABLE OF DIFFERENT MEASURES OF THE SELECTED
COMPANIES
Companies
Fu-Wang
Monno
Shinepukur
Standard
RAK
Ceramic
Valid
N
(listwise)

N
6
6
6
6
6

Mean
25.00
20.49
33.58
17.10
33.84

Operat
ing
profit
3.54
12.52
27.86
1.33
18.92

Mean of
ROA ROE Ran Current
Total Debt
Net
ks Ratio Quick Inventory Asset equity
profit
ratio Turnover Turnover ratio
4.63 1.96 3.77 3
1.21
.40
1.93
.46
.63
1.08 .88 2.61 4
.97
.26
2.02
.77
.94
10.66 3.56 9.24 2
.99
.31
1.44
.35
1.11
.35
.58 1.40 5
.91
.09
1.73
.65
.47
11.82 6.78 11.19 1
1.31
.68
2.46
.58
.40

6 26.00 12.83 5.71

2.75 5.64

1.08

.35

1.92

.56

.71

Source: Different Annual Reports of Companies 2006-2012

The Monno ceramics is maintaining satisfactory operating profit though

it is earning poor gross profit and net profit. The net profit margin is really in
worst position. The same is to be said regarding the ROA and ROE. The poor
profitability is not due to blockade of huge money in current assets that is
proved by the poor current and quick ratio. The low inventory turnover
depicts the poor sales management of the company. The profitability is
worsening due to poor asset management that is also reflected by asset
turnover ratio. The debt equity ratio is indicating that the firm using more
leverage in an adverse position of poor net profit earning environment.
The Shinepukur is one of the better performer among the selected
companies in profitability reflected by the gross profit, net profit and
operating profit ratio but poor working capital management is reflected by the
below standard current and quick ratio. The inventory turnover is also same
as other firms that should be improved. The poor total asset turnover is also
reflecting the asset management of that firm is not satisfactory. The debt
equity ratio is depicting that the firm is using more debt capital in their capital
structure.
The Standard Ceramics is performing very poor in the profitability
measured by all the five ratios and the solvency position is also in alarming
position. Though the debt equity ratio is in proper proportion in capital
structure the firm should give more emphasize to improve its asset
management and sale management efficiency.

Latif & Kabir: Profitability and Consistency of Ceramics Industry

11

The RAK ceramics is the best performer regarding gross profit, operating
profit and net profit margin. It gains also better return on asset and on equity.
Though the liquidity ratios are below the standard of convention, are better
among the selected companies. The inventory and total asset turnover is
comparatively better also. The debt equity ratio is showing an optimum
capital structure.
The ranking on the basis of return on equity showed the RAK ceramics is
in the first position and Shinepukr, Fuwang, Monno and Standard can be
placed at the subsequent positions.
The ANOVA analyses compare the means of the mentioned ratios and
reflected that the hypothesis constructed earlier can be analyzed as below in
acceptance-rejection criterion:
a.
b.
c.
d.
e.

The Table 1 depicts that the variation in gross profit margin among the
companies are significant. So the hypotheses one is rejected.
The Table 2 depicts that the variation in operating profit margin among the
companies are significant. So the hypothesis two is rejected.
The Table 3 depicts that the variation in net profit margin among the
companies are significant. So the hypothesis three is rejected.
The Table 4 depicts that the variation in return on asset margin among the
companies are significant. So the hypothesis four is rejected.
The Table 5 depicts that the variation in return on equity among the
companies are significant. So the hypothesis two is rejected.

The ANOVA analysis for the variations in CR, QR, Inventory turnover
and Debt-equity ratio of the companies studied are proved as insignificant
while the total asset turnover it is significant.
5.

CONCLUSIONS AND RECOMMENDATIONS

A. The performance of the FU-Wang Ceramics is to be addressed in asset

management and sales management perspective perspectives. The assets
are to be used in optimum level and the sales management is to be more
dynamics by enriching product line and improving the qualities by the
help of operation management if necessary.
B. The efficient operation management is to be needed to optimize the other
expenses. The liquidity position must be improved to be secured in
adverse position. And the asset and sales management are to addressed to
bring efficiency. .
C. The most important imperatives in case of Shinepukur are i. The liquidity
position must be optimized ii. Capital structure is to reconstructed to
optimize the debt-equity ratio. iii. Asset and sales management are to be
addressed.
D. In case of Standard Ceramics, the sales management and asset
management are to be improved to optimize the liquidity, profitability
and turnover position.

12

Journal of Business and Technology (Dhaka)

E. RAK ceramics is in better position among the five companies though it is

recommended to do the continuous improvement in its overall aspects.
The research in five leading companies of emerging ceramics industries
in the aspect of profitability and consistency is important in the countrys
national interest. The study showed the actual profitability position of the
companies by the different relevant financial ratios and concluded that the
management of poor performers should address the working capital, asset and
sales management to bring optimization in overall operation.

Latif & Kabir: Profitability and Consistency of Ceramics Industry

Asiatic

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